Insurance giant Aviva to slim down with sale of property debt
Aviva, the FTSE 100 insurance firm, is said to be selling off property loans to the value of billions of pounds.
One source familiar with the matter told City PM that big four audit firm Deloitte is currently working with Aviva.
The property debt reportedly includes loans secured against House of Fraser’s department store in Manchester.
Aviva is busy integrating life insurer Friends Life into its group, following completion of the £5.6bn takeover earlier this year.
The company’s share price has increased by about one-third since Mark Wilson became its chief executive at the start of 2013.
Under his leadership, Aviva has been progressing with a turnaround plan that has seen the sale of underperforming business, a reduction in inter-company debt and a simplification of the group’s structure.
The Sunday Times, which first reported the news, said that Aviva is selling £2.5bn of property loans.